Q2 2021 Market Update for the Greater Seattle Area
The real estate market had a great start this year. Low inventory, rising median home sales prices, and short time on the market continued these patterns in the second quarter of 2021, putting sellers in the driver's seat. Each quarter, Realogics Sotheby’s International Realty analyses five significant areas to see where the market has been and where the trends are leading us. Since the peak of the epidemic, there has been a scarcity of inventory, and while more sellers are entering the market, the demand for buyers hasn't waned in Q2-2021, as mortgage rates remained around historic lows and competing bids pushed up sales prices. It's still a wonderful moment to enter the market, whether you're a seller looking to list your house and get the best possible offer or a buyer looking for your next opportunity, with the right advice, preparation, and marketing, which you can get with a Realogics Sotheby's International Realty global real estate advisor.
Seattle | Single-Family Homes
Since the fourth quarter of 2019, the median sales price of a single-family home has been steadily increasing, then rapidly increasing. There were only 0.6 months of inventory available, which is 16% fewer properties on the market than this time last year, despite a 60% rise in close sales.
Eastside | Single-Family Homes
The average time a home has been on the market in the second quarter on the Eastside has decreased over the last three years, from 56 days in 2019 to 21 days in 2020 and seven days in 2021. According to the data, buyers' eagerness in this seller's market contributed to more than double the number of closed deals in Q2 compared to the same period a year ago.
Mercer Island | Single-Family Homes
Sellers have a tight grasp on the market, with a median sales price of $2.175 million, up 38%, and an average price per square foot of $766.75, up 35 %. Residences on the island are only on the market for an average of 12 days, and there are only 15 homes for sale, compared to the 63 that were available in Q2-2020.
Bainbridge Island | Single-Family Homes
When comparing to Q2-2020, property prices on Bainbridge Island increased by 37% to $1.25 million. The number of closed home sales climbed by 29% year over year, while the number of homes for sale decreased by over 60%.
Seattle | Condominiums
In the second quarter of 2021, twice as many condos were sold as in the same period the previous year. The median sales price grew by 6%, while the average price per square foot increased by roughly 4.5 %. Although there are more properties for sale currently than there were in 2020, it is still a seller's market.
